South Korea to Prolong the Term of Regulatory Compliance for the Registration of New Substances

original article from CIRS

Korea Chemicals Management Association (KCMA) recently announced that in order to ensure that enterprises have abundance of time to go through regulatory compliance of new chemicals, Ministry of Environment (MOE) and Ministry of Justice (MOJ) are to prolong the term of regulatory compliance for the declaration of new chemicals under K-REACH.

The term of regulatory compliance can be prolonged for all new substances of which the registration and the risk assessment were failed under TCCA earlier.

According to Article 10 of TCCA, manufacturers and importers of new substances, if they want to manufacture/ import new chemicals of more than 0.1 ton, must finish risk assessment and submit the declaration to the competent authority before their manufacturing and importing or they will be punished. However, enterprises failed to finish their declaration will be exempted from punishments if they can go through re-declaration during the extended period.

The extended period is from 22nd May to 21st November, during which the risk assessment must be finished. If not, enterprises will face a fine of up to KRW 50 million (RMB 280 thousand) or the responsible persons will be put into prison for as long as 5 years.